No negotiation – No ongoing negotiations between Rome and Brussels to rip the European Union a loosening of fiscal rules. After no comment came from the EU Commission, is Palazzo Chigi with the decision to deny the rumors circulated in the press over the weekend of August, on the possible half-life of 0.25% of the obligation imposed on the less virtuous countries to reduce by 0.5% the annual structural budget balance, or the relationship between real GDP and potential GDP net of the economic cycle and one-off.
The policy – The policy of the Italian government in the presidency of Europe is to achieve a shift of the center of gravity of the Common Strategy on growth, but “favors” the government does not seem willing to ask Renzi. Moreover, it seems far too early, in mid-August, to enter into an already negotiated with the Commission, whose new members, however, must still be appointed. The crucial appointments are still to come: the European Council at the end of the month in the first place, Ecofin and Eurogroup to Milan in mid-September, the installation of new Commissioners in November.
Def Update – Meanwhile Italy must present the note to update Def and then, by October 15, the law of stability, and only then, the situation of public finances Italians – combined with the progress of the reforms – will be carefully considered by Brussels. Being alone with the measures already mentioned, for the maneuver in 2015 will need at least 13 billion euro. The bonus income tax will not be in all probability extended to non-taxpayers and VAT numbers as originally promised, but the annual cost is still 10 billion euro: 3.5 is in fact already been found this year, since the measures of spending review used (provided that materialize in full) are structural, while 6.5 remain to look with new plans to rationalize spending. Already covered by an increased taxation on financial income is cutting 10% of IRAP, this time a regime for the whole year.
August 19, 2014
Drafting Tiscali
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